- Eloro Resources has recently filed its NI43-101 technical report, designed to complement the release of its initial mining resource estimate (“MRE”) published in August 2023
- Designed to calculate the project’s net smelter value and the respective economic costs of production, an NI 43-101 technical report is a key resource when calculating the economic viability of developing a mining site
- Iska Iska was recently referred to as a ‘giant’ mining system by famed Bolivian geologist, Dr. Osvaldo Arce given the site’s substantial inferred resource deposits
- Relatively high NSR values – and moderate operational costs – have boosted optimism around the deposit’s economic potential
In early October 2019, Eloro Resources (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM), an exploration and mining company announced that it had signed a Letter of Intent, granting the company the option to acquire up to a 100% interest in the Iska Iska Polymetallic Property, a mineral concession nestled in the midst of Bolivia’s famed Potosi region and home to history’s most prolific silver deposit. Four years later and following an extensive programme of drill work amounting to over 96,000 metres of diamond drilling across 139 individual holes, Eloro Resources has filed its NI 43-101 technical report, in support of the company’s initial mineral resource estimate, published on August 19, 2023 (https://ibn.fm/ZXBkW). Prepared in conjunction with independent mining consultant, Micon International Limit, the NI-43-101 technical report seeks to provide an overview on the overall economic viability related to the potential exploitation and development of the Iska Iska deposit.
With Eloro Resources having uncovered the presence of silver, tin and zinc within the expanses of its 900 hectare site, the company has opted to employ the net smelter return (“NSR”) method to encompass the estimated dollar value which each metal contributes towards the total value of each tonne – a valuation technique designed to calculate the estimated ex-ante revenue generation capacity of a designated mining zone.
Initial findings have estimated an NSR for Iska Iska’s polymetallic domain (containing zinc, tin and silver) of $20.32/t for open pit mining and $42.23/t for underground mining versus NSR cut-off values (representing the cost of extraction and refining, below which mineral extraction would become economically unfeasible) of $9.20/t and $34.40/t, respectively. Meanwhile, the NSR for the Project’s tin domain has been appraised at a relatively more modest $12.22/t for open pit mining operations, albeit, representing a premium of over 100% relative to the tin domain’s NSR cut-off value of $6.00/t.
Eloro Resources separately revealed that its NSR cut-off values had been significantly reduced as a result of the positive impact derived from the companies ‘ore-sorting’ tests, wherein a significant proportion of the mineral ‘waste’ could be removed prior to submitting the ore for further refining, thereby increasing concentrator feed grades and reducing operating costs.
In addition to providing an update on the potential economic values related to the development of the Iska Iska Project, Eloro Resources also provided an updated estimate of the inferred mineral resource within the site – an update following the publication of its initial mineral estimate report published in August. Total in situ metal is now estimated to amount to 298 million ounces of silver, 4.09 million tonnes of zinc, 1.74 million tonnes of lead and 130,000 tonnes of tin with the majority of the inferred mineral resources likely to be upgraded to ‘indicated’ mineral resources on the back of continued exploration works.
For more information, visit the company’s website at www.EloroResources.com.
NOTE TO INVESTORS: The latest news and updates relating to ELRRF are available in the company’s newsroom at https://ibn.fm/ELRRF
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